EBRD ‘green project’ funding hit €6.54bn in 2023

Market: Emissions
15/05/24

The European Bank for Reconstruction and Development (EBRD) hit a record level of investments in the "green economy" in 2023, at €6.54bn ($7.1bn) in 337 projects — up from €6.36bn in 2022.

The multilateral development bank (MDB) again reached its target for at least 50pc of its total annual investment to go towards green projects. Of total investments, 50pc went to green projects — flat on the year. The EBRD initially set the goal for 2025, but hit it in 2021, with 51pc of its investment going to green projects.

The EBRD's investments stood at €13.1bn in 2023 — a new record high — going towards 464 individual projects.

The bank has since the beginning of 2023 ensured that all new investment projects are in line with the Paris climate agreement goals. The Paris agreement seeks to limit the rise in temperature to "well below" 2°C above pre-industrial levels, and preferably to 1.5°C.

Countries' focus on MDBs and their role in delivering climate finance has intensified in recent years. Climate finance is set to dominate climate talks this year, including at the UN Cop 29 summit, set for November in Baku, Azerbaijan. Mukhtar Babayev, Cop president-designate, last month called on MDBs and parties to the Cop process to deliver on climate finance.

The EBRD is owned by 73 shareholder governments, the EU and the European Investment Bank.

By Georgia Gratton

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Pakistan loses EU GSP+ ethanol status

20/06/25

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20/06/25

Pakistan loses EU GSP+ ethanol status

London, 20 June (Argus) — The European Commission today suspended Pakistan's Generalised Scheme of Preferences Plus (GSP+) status for imports of ethanol. The removal is effective from today, 20 June. A request was lodged in May last year by France, Germany, Spain, Italy, Hungary and Poland, who sought to activate Article 30 of the GSP Regulation, arguing that ethanol coming from Pakistan since 2022 has "caused a serious disturbance to the Union ethanol market". Under Article 30, the commission can "adopt an implementing act in order to suspend the preferential arrangement in respect of the products concerned". Pakistan was granted GSP+ status in 2014, and this expired at the end of 2023. The status was temporarily extended until 2027. The GSP+ grants reduced-tariff or tariff-free access to the EU for vulnerable low- and lower- to middle-income countries that, according to the EU, "implement 27 international conventions related to human rights, labour rights, protection of the environment and good governance". It fully removes custom duties on two-thirds of the bloc's tariff lines in Pakistan's case, including ethanol. Pakistan is a major supplier of industrial-grade ethanol to Europe, but it does not export fuel-grade ethanol. According to market participants, this is because production facilities in the country lack sustainability certifications such as the International Sustainability and Carbon Certification (ISCC) that are required for biofuels to qualify under the EU Renewable Energy Directive (RED) targets. Fuel-grade ethanol was not included in the bloc's measures. Several Pakistani market participants were hopeful the GSP+ status will remain in place, which has continued to support ethanol exports from the country to the EU ( see table ). But uncertainty has weighed on demand from Europe recently, suppliers said. A participant told Argus that Pakistani sellers may look to offer more into Africa to soften the drop in demand. Some European suppliers anticipated this outcome, and have already stopped importing from Pakistan. European renewable ethanol association ePure expressed concern about the decision to exclude fuel ethanol from the scope of the measures, noting this could open the door to unintended loopholes and weaken the overall effect of the safeguard efforts. By Evelina Lungu and Deborah Sun European ethanol imports from Pakistan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop 28 outcome must be implemented in full: Cop 30 head

20/06/25

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20/06/25

Cop 28 outcome must be implemented in full: Cop 30 head

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Australia’s carbon credit supply remains strong in May

19/06/25

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19/06/25

Australia’s carbon credit supply remains strong in May

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Poland wraps up CBAM changes with European Parliament

18/06/25

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18/06/25

Poland wraps up CBAM changes with European Parliament

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